Grand Ming expects up to 80pc drop in full-year net profit

Business | 29 May 2020 7:03 pm

Local developer Grand Ming Group (1271) predicted it would saw a 70-80 percent drop in its net profit for the year ended March 31, mainly dragged down by fair value losses of its investment properties compared with fair value gains a year ago.

Selling expenses had also increased, primarily because advertising and marketing expenses incurred in the sales campaign of the Grand Marine in Tsing Yi were accounted for in the group’s consolidated profit and loss account for the tear, whereas the sales proceeds received will be reflected in the group consolidated profit and loss account at the point in time when such project is completed, said the company.

Despite the annual results is expected to decline, the board considers that the group’s overall financial positions are healthy and has sufficient cash resources to meet its present and future cash flow requirement, the company said.

Furthermore, the loss on fair value adjustment of the investment properties is a non-cash item and will not have a direct impact on the group’s cash flow, it said.

Shares of the developer slid 0.22 percent to HK$4.62 today.

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